According to ChainCatcher, Glassnode reported that the Bitcoin Yardstick indicator has hit an all-time low, far below previous lows, indicating that the price of Bitcoin is severely undervalued relative to network security (hash rate).
Historical data shows that such extreme lows often mark the exhaustion of downside potential and the convergence of long-term opportunities, and Bitcoin prices have typically rebounded significantly after similar events in the past. Note: The Bitcoin "Yardstick" metric, developed by Capriole Investments, is defined as Bitcoin's market capitalization divided by its hash rate and normalized to 2-year data, similar to the price-to-earnings ratio of stocks, and is used to assess Bitcoin's valuation.
